Also recently @Xiphos_Trading noticed the same thing.
If you're not familiar with $PHYS it's Sprott Physical Gold Trust, a Canadian closed end fund that invests in gold buillion (and unlike $GLD allows you to take delivery). While I am not a gold bug, I do like to look at correlated assets for long-short opportunities. Here's the deal on $PHYS:
It's trading at a 3.31% premium to NAV. While $PHYS has only been trading since February, this is historically low:
My guess was that $GLD is probably a good proxy for NAV of $PHYS since it is liquid and runs with gold. I ran the same analysis above on $PHYS vs.